India diesel Genset Market Overview
The India diesel Genset market is expected to reach $XXXX billion by 2024, according to a new report. The market is growing at a CAGR of over XX% and is expected to be the second largest generator market in the world by 2024. This growth is due to the increasing number of industrial and commercial projects in India and rising electricity demand.
Some of the major players in the India diesel generator market are Schneider Electric, Siemens, ABB, Mitsubishi Heavy Industries Ltd., and General Electric. The major factors contributing to this growth include increased investment in renewable energy projects, increase in demand for electric vehicles, and increasing investment in infrastructure development.
India diesel Genset Market Size
The India diesel genset market size was estimated to be USD XXXX billion in 2016 and is projected to grow at a CAGR of XXXX% during 2021-2026. The market is fragmented with the top four players accounting for more than XX% share of the total market. The increasing demand for renewable energy sources and stringent emission standards are major factors driving the growth of the diesel generator market in India.
Renewable energy accounted for more than XX% of the installed capacity of renewables in India as of January 2017, making it one of the most attractive markets for diesel generators. In addition, stringent emission standards are expected to drive the demand for diesel generators in industrial and commercial sectors. The government’s initiatives such as the Green Revolution 2030 Mission and Make in India campaign are also encouraging businesses to adopt renewable energy sources.
The competitive landscape is highly fragmented with the top four players accounting for more than XX% share of the total market. These players include Mahindra & Mahindra (India), Enel (Italy), General Electric (US) and Toshiba Corporation (Japan). The major players are investing in R&D activities to develop innovative products that can address growing regional demands.
Drivers and Restraints of the India Diesel Genset Market
The India diesel generator (genset) market is driven by the following factors:
- Growing demand for power: The increasing population and urbanization in India is leading to a growing demand for reliable and cost-effective power solutions, particularly in rural and remote areas where the power grid is unreliable or non-existent.
- Government initiatives: The Indian government’s emphasis on expanding the country’s power infrastructure and increasing access to electricity in rural areas is driving the demand for diesel gensets.
- Growing construction and infrastructure sector: The increasing construction and infrastructure development in India is leading to a growing demand for diesel gensets, particularly in remote areas where the power grid is unreliable.
- Growing agriculture sector: The increasing demand for power in the agriculture sector for irrigation purposes is driving the demand for diesel gensets in India.
However, the India diesel genset market is restrained by the following factors:
- Stringent regulations and environmental concerns: The Indian government has imposed stringent regulations on diesel gensets due to environmental concerns, such as air pollution and greenhouse gas emissions.
- Competition from alternative sources of power: The increasing availability of alternative sources of power, such as solar and wind power, is limiting the demand for diesel gensets in India.
- High cost of diesel gensets: The high cost of diesel gensets compared to other sources of power is a major restraint for the growth of the market in India.
- Uncertainty in fuel prices: The uncertainty in diesel fuel prices is a major restraint for the growth of the India diesel genset market, as it affects the cost-effectiveness of diesel gensets.
India Diesel Generator Market Opportunities
The India diesel generator market is growing due to the increasing demand for reliable and cost-effective power solutions, particularly in rural and remote areas where the power grid is unreliable or non-existent. The construction, agriculture, and manufacturing sectors are driving demand for diesel generators in India. Other factors such as rising incomes, increasing urbanization, and a growing middle class are also contributing to the growth of the market.
Opportunities in the Indian diesel generator market include:
- Government initiatives: The Indian government’s emphasis on expanding the country’s power infrastructure and increasing access to electricity in rural areas provides a significant opportunity for diesel generator manufacturers and suppliers.
- Growing demand for renewable energy: The Indian government is promoting the use of renewable energy sources, such as solar and wind power. However, diesel generators can still be used as backup power sources during times when renewable energy is not available, providing an opportunity for diesel generator suppliers.
- Increasing demand for rental generators: The growth of various industries, such as construction and events, is driving demand for rental diesel generators in India. This creates a significant opportunity for companies offering rental services.
- Technological advancements: The introduction of more efficient and technologically advanced diesel generators is providing new opportunities for companies to penetrate the market and gain a competitive advantage.
Conclusion of the India Diesel Genset Market
The India diesel genset market is a rapidly growing market driven by the increasing demand for reliable and cost-effective power solutions. The market is characterized by a large number of small and medium-sized players, with a few leading players accounting for a significant share of the market. The market is expected to grow in the coming years due to increasing infrastructure development, rising industrialization, and growing urbanization in the country. However, the market is also facing challenges such as rising fuel prices, stringent environmental regulations, and declining power tariffs. To overcome these challenges, companies are focusing on developing more efficient and eco-friendlier diesel gensets and expanding their product portfolio.